Gulf Keystone Petroleum set to boost production in KRI

16th Dec 2014 08:48

Gulf Keystone Petroleum has taken a step forward towards increasing production from its operations in the Kurdistan Region of Iraq (KRI).Gulf Keystone said it had installed links between the Shaikan-7, -8 and -10 wells and its existing production facilities PF -1 and PF-2, enabling first oil to flow to the facilities this month.With the addition of the three new producing wells, total production of between 23,000 and 25,000 gross barrels of oil a day will rise to 40,000 a day.Gulf Keystone is moving a rig near to Shaikan -10 to drill another well which is already linked to the production facilities. Shaikan crude oil exports by truck to the Turkish coast continue uninterrupted, the company added.Chief executive John Gerstenlauer said: "Despite numerous challenges earlier this year, Gulf Keystone has completed the work on the three additional producers on time."We are now testing the flow-line connections, including an 11 km link between Shaikan-10 and PF-2, and look forward to boosting Shaikan production to our near-term target of 40,000 bopd."Shares rose 2.25p or 4.5% to 52p at 09:11 in London.